Didi Chuxing Bought Uber In China For $35 Billion

Uber, a San Francisco-based technology startup focused on online transportation just sold its Chinese operation to DiDi Chuxing. In this merger deal, Didi will make a $1 billion investment in Uber global at a $68 billion valuation, while Uber China’s investors will own 20% of the merged Chinese company, which will be worth $35 billion. [UBER NEWS ROOM]

Founded in 2012, DiDi is the world’s one of the largest mobile transportation service platforms, offering a broad range of mobile technology-based transportation options across over 400 major Chinese cities.”Didi Chuxing will also continue to expand its international strategy. We look forward to working with our partners at home and abroad to create more value for drivers, passengers, and communities,” Jean Liu, president of Didi Chuxing said in a statement on Monday. According to Uber CEO Travis Kalanick “Getting to profitability is the only way to build a sustainable business that can best serve Chinese riders, drivers and cities over the long term.” He also said:”I have no doubt that Uber China and Did Chuxing will be stronger together.”